Every day, we go to online shopping stores and look at the prices of our favorite things and when we feel like it, we order them. Who does not do online shopping today? Those who know about Flipkart and those who do not know after reading this post will know what is its history and who is its CEO. How this company started, what is the story behind this online store, we will give you all the information through this post.
Buying a new mobile or taking a back cover for mobile, looking at a new shirt/pants or facing the kitchen, buying new shoes or sleepers, we don’t want to go to a local shop and buy everything from home. There are many online shopping companies that want to order but the most popular company in India is Flipkart. From where thousands of millions of orders are delivered daily. After all, how this Flipkart company started and who started it, what is Flipkart, today you will know, so let’s know every information related to it.
What is Flipkart
Flipkart Pvt. Ltd. is an Indian e-commerce company from where you do online shopping. The company is based in the South Indian city of Bangalore. There are 2 people behind the formation of the company, named Sachin Bansal and Binny Bansal. It began with book sales starting in October 2007. Flipkart is India’s largest e-commerce website, giving a very tough competition to the Amazon company in India.
Recently, American retail giant Walmart bought Flipkart. It bought 77% shares of Flipkart for which it had to spend $ 16 billion. In this way, the American company got an opportunity to expand its business through India’s largest online e-commerce website.
When Sachin Bansal and Binny Bansal started this company, they started with books, then laptop bags, tablets, USB drives also started selling. And then what was Amazon started selling products in every category.
Although Amazon India sells all types of products through the website and app, Flipkart also thought of doing something unique and started offering many features to Indian customers. Indians were not able to pay online, so they avoided buying anything at Amazon, but Flipkart attracted people by paying cash on delivery and people also responded well. The number of customers has increased day by day and Flipkart has introduced payment service through Mobile Wallet, Paytm, and UPI. Which made it easy for people to pay online.
Who is the CEO of Flipkart?
The CEO of Flipkart is Kalyan Krishnamurthy.
History of Flipkart
It has been a few years since Flipkart started. The history of Flipkart can be quite inspiring for today’s youth who all the time try to improve their lives. So let us know how the Flipkart company which is creating new dimensions of success has started today and how it has achieved its success.
Flipkart was started in 2007 by Sachin Bansal and Binny Bansal 11 years ago. Although they have only one name, they are not relatives, but both are very good friends and both are residents of Chandigarh city in North India. Both Sachin Bansal and Binny Bansal have studied at the Indian Institute of Technology, IIT Delhi, Delhi. After studying there, their friendship began when he went to work at Amazon.
When Sachin and Binny were working at Amazon, they thought of forming a company like Amazon and thus quit Amazon’s job to give this thinking a fresh start. He started this company with a 2 bedroom apartment. His office in this apartment was in the Bangalore Koramangala area. He did his first job as an online bookstore. At that time, who knew that this two-room bookstore would one day emerge as India’s most electronic commerce company.
The company had its first office in Bangalore city of Karnataka state, after which they also opened offices in Delhi and Mumbai in 2009. He then converted the office in Bengaluru into a much larger campus of about 8.3 lakh square feet. Investors can also get from other countries, so they started it in Singapore and spread it.
For 9 consecutive years, Sachin remained the CEO of Flipkart. Binny Bansal then became the CEO of the company and the de facto executive chairman. Kalyan Krishnamurthy was elected the new CEO of Flipkart in 2018. Prior to this, he was an executive of Flipkart investor Tiger Global. At the same time, Binny Bansal was chosen as the CEO of the entire Flipkart group which includes fashion brands Jabong, myntra, wallet payment system phonePe, and logistics unit Ekart.
Flipkart’s rising steps
- In 2014, Flipkart bought online clothing store Myntra in the fashion sector for $ 300 million.
- Exactly 2 years later, Jabong bought another fashion-related company for $ 70 million.
- It was now the turn of payment startup company PhonePe which he bought in 2016.
- Flipkart did not stop here, after which Ebay invested $ 500 million in exchange for an equity stake in it and also sold ebay.in to Flipkart.
Japan’s SoftBank is its largest investor, holding a 23-24% stake. Initially, South African media and Internet companies, Nesper is also involved. Which has a 13% stake?
Flipkart Achievements and Awards
- Sachin Bansal of Flipkart was awarded the Best Businessman for the year 2012-2013 by The Economics Times, India’s largest economic newspaper.
- Flipkart was awarded the title of Youth Turk of the Year in 2012 by CNBC.
- Also, in September 2015, Forbes India released the list of richest human beings, placing Sachin and Binny Bansal at 86th and both with an amount of $ 1.3 billion.
- The following year, in 2016, Times magazine was listed in the list of the 100 most influential people.
Flipkart Delivery Service
Flipkart uses its logistics service to deliver its delivery to the people, which is called eCart. The most important thing to succeed in online shopping is whether or not you are able to deliver timely delivery to your customer as well as the facility to take payment from them. Whether or not you are able to place orders in each area, the more area you can occupy, the more your customers will be.
Keeping all these things in mind, Flipkart started its logistics service which is completely under its control. Taking this together, they built warehouses in every region of the country as per requirement from where any order can be fulfilled at the earliest. Today EKart is India’s largest logistics service and supply chain company, delivering its delivery to over 3800 pin codes.
EKart is a very important opportunity for vendors working in India, through which they can easily ship their products anywhere on Flipkart. Eckart has become a backbone for Flipkart.
How does Flipkart work
In a market model, Flipkart builds relationships with all vendors who want to sell their products. Flipkart has the great advantage of building relationships with vendors in various locations. With this, they can negotiate with vendors of the best price and service.
We understand this by example. Suppose a fridge has contact with 5 vendors to sell. When an order for a fridge is received, an order sold for the best price on Flipkart is sent to them. When a customer residing in Ahmedabad places an order, Flipkart sellers in Ahmedabad will send the same goods to them and thus they do not incur the cost of logistics, and the delivery of the product is done in a very short time.
Order completion method
Baggage is delivered in 2 ways
Inventory (own stock)
When the seller makes the product available for which the customer places an order. In such a situation, they hand over the product to the seller Eckart.
Dropshipping is a method in which the seller does not have a list of that product, that is, he has absolutely zero stock of that product. Now what the seller does is, to fulfill the order for that product, the seller sends the request of the order directly to the manufacturer, retailer, or wholesaler. After which he handed over the product to EKart.
How do I order a return?
By the way, when you buy goods on a normal basis, the warranty is guaranteed, but there is a very little sight that you get the money after returning the goods. Flipkart has also given the facility to return the order while improving the facilities given to the customers in this case. If a customer is not satisfied with the product, they can send it back.
When the customer sends the order back, the seller has to wait for 30 days to get that product back. To overcome this problem, Flipkart has started offering a new service under which sellers can store their products in eCart’s warehouse so that the product can be delivered to the customer within 24 hours… This service is known as Flipkart Advance.
Like other online shopping websites, it has several payment options available. Which gives good convenience to the customers shopping here. Although Cash on Delivery was introduced by Flipkart, it continues to fulfill orders through this option for people. Due to which the confidence of people towards online shopping has increased considerably. Let us know how in Flipkart we have lost money for our order.
- Credit Card
- Debit Card
- Internet banking
- Wallet (Paytm, Phone Pay)
- cash on delivery
Now we avoid going to the market to meet daily needs and get all our goods sitting at home. That is why today we have known and talked about the company providing such service, what is Flipkart, and also we have known who is the CEO of Flipkart and what is its history. Now if you once imagine that even today there was no online shopping store like this, then we have to go to the market for all the work. Even things that are not available around us would be impossible to obtain.
There are many things that we do today with ease and convenience, such as if you don’t like it when the product is not returned, that’s why there is no opinion in such an online shopping store. If you also feel that we get a lot of benefits from online shopping, then please comment on your opinion and if you like this post, then share it on Facebook, Twitter, Instagram as much as possible.